Rey Company's single product sells at a price of $219 per unit. Data for its single product for its first year of operations follow. Direct materials Direct labor Overhead costs 23 per unit 31 per unit Variable overhead Fixed overhead per year 9 per unit 253,000 per year Selling and administrative expenses Variable Fixed 21 per unit s 206,000 per year Units produced and sold 23,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing Complete this question by entering your answers in the tabs below. Prepare an income statement for the year using absorption costing. REY COMPANY Absorption Costing Income Statement Sales 5,037,000 Less: Cost of goods sold Direct materials Direct labor Fixed overhead costs Variable overhead costs 529,000 713,000 253.000 483.000 1,978,000 Cost of goods sold Gross margin 3,565,000 206,000 Fixed selling and administrative costs Variable selling and administrative expenses 483 000 689.000 Total selling, general and administrative expenses Net income (loss) 2.876,000 Prepare an income statement for the year using variable costing. REY COMPANY Variable Costing Income Statement Net income (loss)